Economists define capital as the
a. accumulation of goods produced in the past that are being used in the present to produce new goods and services.
b. goods and services that are most affected by changes in technology.
c. factors of production that can be rented by firms.
d. factors of production that can be purchased by firms.
a
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Renee consumes pizza and rice. An increase in her income causes her to consume fewer pizzas and more rice. The change in pizzas consumed means that
A) her total utility from consuming pizzas had been negative. B) her marginal utility from consuming pizzas had been negative. C) her marginal utility from consuming pizzas had been zero. D) pizza is an inferior good for Renee.
The regional Federal Reserve bank presidents are:
A. are responsible for regulatory oversight and implementation of monetary policy of regional banks. B. allowed to serve no more than two consecutive four-year terms. C. directly affiliated with other governmental agencies. D. selected by the Federal Reserve Board of Directors.
The theory of consumer behavior assumes that consumers attempt to maximize:
A. the difference between total and marginal utility. B. total utility. C. average utility. D. marginal utility.
Which of the following is a valid counterargument against using tariffs to protect high wages from cheap foreign labor?
A. The benefits of such tariff policy will go to consumers, not workers B. The benefits of such tariff policy will go to businesses, not workers C. Wage rates in a nation are largely determined by productivity, not trade tariffs D. The economy may become overheated, thus increasing inflation